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The 2018 auction season is off on a good note for high-profile group McGrath as the company looks to re-establish itself after a tumultuous two years that has seen its performance plummet, its board replaced and a new experienced CEO take control of the company.
The company, now under the leadership of Geoff Lucas, is reporting “solid bookings” for March across its entire eastern seaboard footprint.
Group senior auctioneer and general manager of company-owned sales Adrian Bo said that the early indications of a robust auction season are positive.
“We have noticed an upswing in our 2018 auction numbers leading into Easter compared to the same period for 2017,” the GM said.
“Though we are still booking auctions for the 17th and 24th March, we anticipate both days will emerge as Super Saturdays in the lead-up to Easter.”
He said that the first strong indicator is that auctions on Saturday, 3 March, across the network have increased by 38 per cent.
Mr Bo added that Sydney metro auction bookings are up by 40 per cent to the comparative period in 2017, and that the group is seeing the largest year-on-year increase in Sydney’s eastern suburbs, up by 115 per cent, with 28 properties to be auctioned on the first auction day in March, followed by the Sutherland Shire, up by 64 per cent.
“We were faced with a shortage of listing inventory this time last year due to reluctant sellers in a fluidly growing market,” the GM said.
“Vendors were fearful of the market getting away from them by around 10 per cent if they sold first, without securing their new home in an equivalent market environment.
“As the Sydney market has now reached its peak, our clients seem more inclined to transact in an increasingly balanced market.”
He said that there has “certainly” been an uplift in buyer sentiment this calendar year.
“There are now better opportunities for first home buyers, with less investor activity due to funding restrictions and somewhat lower yields.
“In the $2 [million] to $3 million bracket in Sydney’s east, we are also witnessing an increase in buyer enquiry and open home attendance. In Sydney’s north, the $1.5 [million] to $2.5 million sector is particularly robust, with strong buyer traction and competition in that price point.”
Mr Bo confirmed that the 2018 March auction numbers for Sydney metro are up 21 per cent, and he expects this number to increase.
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